Sun Pharma to acquire Russia's JSC Biosintez; shares up

Sun Pharmaceuticals on Wednesday said that it has entered into an agreement to acquire 85.1% of JSC Biosintez – a Russian pharma company.

“With this move, we plan to acquire the product portfolio and local manufacturing capability in Russia which would help in expanding our presence in Russia and serving Russia pharmaceutical market more effectively,” Sun Pharma said in a statement.

The deal will involve cost acquisition of approximately RUB 1526 million ($24 million). Sun Pharma will also assume a debt of about $ 36 million as a part of the transaction.

Shares of Sun Pharma was trading at Rs 693.60 per share on BSE, up Rs 4 or 0.56%.